Having lost $0.049 over 12 days, Today is looking a bit better: Algorand trades at $0.247, after ending today at $0.248.
Algorand's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million. Highly important Pending Home Sales data from United States beat analyst expectations of -5% with a reading of -4.6%. United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Algorand is approaching key support, around 1 cents away from $0.241. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Algorand, chart analysis indicates it is positioned for a bullish run in the short term.
While Algorand is pretty flat so far today, mixed performances are seen elsewhere as after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43. Binance Coin decreases 1.31% to trade around $297.51.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) scheduled to come out today at 13:30 UTC. United States Non Farm Payrolls projected to decline to 200,000 while previous data was 261,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Since its 52-week high of $1.97, Algorand has lost 87.4% over the last twelve months.